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Hi everyone. I studied as an undergrad in a US college as an international student between September 2010 - June 2015. I graduated and returned to the US last August with a post-grad OPT, along with an extended F1 visa, and found a part time unpaid job that satisfies the conditions of the OPT. I also applied and got my Social Security number. Currently I'm interviewing for salaried jobs, but have not had any income. Any money I'm spending is being wired over to my US checking account by my parents back in my home country. I also earned a few hundred dollars selling my old books and furniture on Ebay when I moved from SF to NY. I'm not sure what to do, as I'm completely inexperienced with doing any kind of tax stuff. I submitted all the dates I entered and left the US into the Glacier Tax Prep website my school provided, and it tells me I'm a resident alien for tax purposes now. Can you please point me to the right direction here? Thanks.
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Mar 17, 2016 02:11
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| # ¿ May 11, 2024 15:52 |
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I am not a US citizen, but live and work in the US (WA) as a resident alien. My father is not a US citizen and does not live in the US. He has a US Bank of America bank account, and has a substantial amount of money in his savings account there, at least 1 million dollars. He intends to transfer this money to my US BoA checking account so that I can invest it under my own name. He can just do this transfer from his phone, even, right now, but I'm not sure transferring such a large sum might necessitate declaring it to somewhere, or paying any taxes on it. Can you please help me out? Thanks in advance!
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Dec 30, 2017 13:56
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I got a 1099-INT for my father who is not a US citizen and does not live in the US (so no SSN or any other US id). He just has a lot of money in a BoA sitting in a savings account that gave a total interest of about $150 in 2017. How would I file this? Do I have to deal with what he has back in his home country?
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Jan 26, 2018 16:57
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MadDogMike posted:Hmm, checked and if am reading right he may not need to file; IRS Pub 519 says interest not effectively connected to a US trade is excluded from taxable income. Might need to double check since the “effectively connected” thing is REALLY screwy (I suspect people who specialize in 1040-NR must wind up straightjacketed in the insane asylum screaming “Effectively connected! Effectively connected!”) but if he just has the money in a foreign branch of BoA then it definitely shouldn’t be taxable to my understanding. It's a branch in the US (he apparently opened it while he visited, and used my current address which is why I got the 1099-INT and not him).
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Jan 26, 2018 20:47
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I'm an H1B holder. Last September I got a letter from the IRS saying that there was an error in my 2018 filing and I owed them about 2.5k. I will be quitting my job and leaving the US by the end of this year. If there is a similar error in my 2019/2020/2021 filing how is IRS going to let me know? I did not get any emails just a physical letter...
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Feb 11, 2021 00:26
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Peyote Panda posted:The IRS only communicates these issues by physical mail for security purposes, so you wouldn't be getting any emails. Was this a CP2000 notice or something else? It was a CP2000. I just wish there was any other way I could have found out, like checking a website or something. It would be more secure to get emails since I'm pretty much constantly on the move now, and probably for the next few years. I switched everything I can think of to paperless systems so I was hoping I can do the same with IRS, especially since I will keep my US bank and brokerage accounts and keep paying capital gains taxes even after I leave.
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Feb 11, 2021 02:37
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My mother is a non-US citizen. She is unfortunately very ill and does not have much time left. Knowing this a few months ago she withdrew all her liquid assets from her bank accounts, over $500k in cash and gold, mostly to have me avoid paying any inheritance tax in that country. It's currently sitting in a safe. I'd like to transfer this amount to my US checking account. Would this transfer be taxed? Does it count as inheritance or income, or just a gift? I've been unemployed for the past 18 months as I quit my job moved back in with mom to take care of her, so I'll declare a very small amount of income this year. I'm worried half a mil suddenly appearing in my bank might raise some flags and get me in trouble. UnfurledSails fucked around with this message at 12:28 on Feb 25, 2024 |
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Feb 25, 2024 10:40
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Mom is not a US resident, and the money used to be in a foreign bank, earned from the completely non-US small business she ran. My main goal is to take advantage of my US resident status to invest the money into US treasuries and low expense index funds. Such investments are not reliable in my home country as the economy is teetering on the edge here.
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Feb 26, 2024 12:48
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| # ¿ May 11, 2024 15:52 |
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Boris Galerkin posted:It doesn’t sound like this is a US income tax question? Without knowing anything else like what country you’re talking about etc it really seems like your mom unnecessarily complicated things because now you have to figure out how to bring half a million in cash into the US which sounds like it’s going to raise a bunch of red flags. Not to mention it sounds like your mom was actually trying to commit tax fraud in her country of residence? That’s the only reason she pulled everything out in cash, according to your post, isn’t it? I know that this is not solely a US income tax question, and I'm working with a non-US tax lawyer to handle things on the non-US side accordingly. My question was mostly about whether the transfer of a large sum of money from overseas would count as income for US tax purposes, and whether the way I obtained said money overseas would change how it's dealt.
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Feb 26, 2024 16:16
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